Plain English summary not yet available
The full original text is available below. Check back soon as we process this bill.
I
116TH CONGRESS
2D SESSION
H. R. 6385
To provide temporary relief from troubled debt restructuring disclosures,
to delay the implementation of certain accounting standards for deposi-
tory institutions substantially affected by COVID–19, and for other pur-
poses.
IN THE HOUSE OF REPRESENTATIVES
MARCH 25, 2020
Mr. CURTIS introduced the following bill; which was referred to the Committee
on Financial Services, and in addition to the Committee on Agriculture,
for a period to be subsequently determined by the Speaker, in each case
for consideration of such provisions as fall within the jurisdiction of the
committee concerned
A BILL
To provide temporary relief from troubled debt restructuring
disclosures, to delay the implementation of certain ac-
counting standards for depository institutions substan-
tially affected by COVID–19, and for other purposes.
Be it enacted by the Senate and House of Representa-
1
tives of the United States of America in Congress assembled,
2
SECTION 1. SHORT TITLE.
3
This Act may be cited as the ‘‘Small Business-Com-
4
munity Banker COVID–19 Relief Act of 2020’’.
5
VerDate Sep 11 2014
03:49 Apr 15, 2020
Jkt 099200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6201
E:\BILLS\H6385.IH
H6385
SSpencer on DSKBBXCHB2PROD with BILLS
2
•HR 6385 IH
SEC. 2. SENSE OF CONGRESS RELATING TO COMMUNITY
1
BANKER-SMALL BUSINESS PARTNERSHIP EN-
2
HANCEMENT.
3
It is the sense of Congress that a depository institu-
4
tion may delay any requirements for a payment on a loan
5
made to a small business concern substantially affected
6
by COVID–19 for the period during which such concern
7
is unable to make any payment due.
8
SEC. 3. TEMPORARY RELIEF FROM TROUBLED DEBT RE-
9
STRUCTURING DISCLOSURES.
10
Notwithstanding any other provision of law, an in-
11
sured depository institution that modifies a loan to a small
12
business concern substantially affected by COVID–19 in
13
a troubled debt restructuring on or after March 13, 2020,
14
shall not be required to comply with the identification and
15
disclosures standards issued by the Financial Accounting
16
Standards Board Accounting Standards Codification Sub-
17
topic 310–40 (‘‘Receivables—Troubled Debt Restructur-
18
ings by Creditors’’) for purposes of section 27(a)(2)(A) of
19
the Federal Deposit Insurance Act, until such time and
20
under such circumstances as the appropriate Federal
21
banking agency determines appropriate.
22
SEC. 4. DELAYED IMPLEMENTATION FOR CECL.
23
No Federal agency, including any of the Federal fi-
24
nancial regulators, may require a depository institution
25
VerDate Sep 11 2014
03:49 Apr 15, 2020
Jkt 099200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6201
E:\BILLS\H6385.IH
H6385
SSpencer on DSKBBXCHB2PROD with BILLS
3
•HR 6385 IH
that has been substantially affected by COVID–19 to com-
1
ply with CECL for any purpose.
2
SEC. 5. DEFINITIONS.
3
In this Act:
4
(1) CECL.—The term ‘‘CECL’’ means the ac-
5
counting standard in ‘‘Accounting Standards Update
6
2016–13, Financial Instruments—Credit Losses
7
(Topic 326)’’, issued by the Financial Accounting
8
Standards Board in June 2016, as amended by ‘‘Ac-
9
counting Standards Update 2018–19, Codification
10
Improvements to Topic 326, Financial Instru-
11
ments—Credit Losses’’, issued by the Financial Ac-
12
counting Standards Board in November 2018.
13
(2) DEPOSITORY INSTITUTION.—The term ‘‘de-
14
pository institution’’ means any bank or savings as-
15
sociation.
16
(3) FEDERAL DEPOSIT INSURANCE ACT DEFINI-
17
TIONS.—The terms ‘‘appropriate Federal banking
18
agency’’ and ‘‘insured depository institution’’ have
19
the meanings given such terms, respectively, in sec-
20
tion 3 of the Federal Deposit Insurance Act.
21
(4) FEDERAL
FINANCIAL
REGULATORS.—The
22
term ‘‘Federal financial regulators’’ means—
23
(A) the Department of the Treasury;
24
VerDate Sep 11 2014
03:49 Apr 15, 2020
Jkt 099200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6201
E:\BILLS\H6385.IH
H6385
SSpencer on DSKBBXCHB2PROD with BILLS
4
•HR 6385 IH
(B) the Board of Governors of the Federal
1
Reserve System;
2
(C) the Bureau of Consumer Financial
3
Protection;
4
(D) the Office of the Comptroller of the
5
Currency;
6
(E) the Commodity Futures Trading Com-
7
mission;
8
(F) the Federal Deposit Insurance Cor-
9
poration;
10
(G) the Federal Housing Finance Agency;
11
(H) the National Credit Union Administra-
12
tion; and
13
(I) the Securities and Exchange Commis-
14
sion.
15
(5) SMALL
BUSINESS
CONCERN.—The term
16
‘‘small business concern’’ has the meaning given
17
such term under section 3 of the Small Business
18
Act.
19
(6) SUBSTANTIALLY
AFFECTED.—The term
20
‘‘substantially affected by COVID–19’’ means, with
21
respect to a small business concern or depository in-
22
stitution, an experience of any of the following as
23
the result of Federal, State, or local government ac-
24
tion taken to reduce the impact of COVID–19:
25
VerDate Sep 11 2014
03:49 Apr 15, 2020
Jkt 099200
PO 00000
Frm 00004
Fmt 6652
Sfmt 6201
E:\BILLS\H6385.IH
H6385
SSpencer on DSKBBXCHB2PROD with BILLS
5
•HR 6385 IH
(A) Supply chain disruptions, including
1
changes in—
2
(i) quantity and lead time, including
3
the number of shipments of components
4
and delays in shipments;
5
(ii) quality, including shortages in
6
supply for quality control reasons; and
7
(iii) technology, including a com-
8
promised payment network.
9
(B) Staffing challenges.
10
(C) Decrease in sales or customers.
11
(D) Shuttered businesses.
12
(E) Negative effects on revenue, earnings,
13
income, debt, or equity.
14
(F) Any additional negative effect identi-
15
fied by any Federal financial regulator.
16
Æ
VerDate Sep 11 2014
03:49 Apr 15, 2020
Jkt 099200
PO 00000
Frm 00005
Fmt 6652
Sfmt 6301
E:\BILLS\H6385.IH
H6385
SSpencer on DSKBBXCHB2PROD with BILLS